China’s benchmark Shanghai Composite Index (000001.SH) lost 0.89% on Monday, while the Shenzhen Component Index (399001.SZ) fell 0.3%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.31% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.39%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: The Disarray in China’s Vocational Training System
Supply of skilled workers to keep the economy functioning shrivels after decades of emphasis on university education and professional training
· China Will Go to War if ‘Anyone Dares’ Aids Taiwan Independence, Defense Minister Warns
Wei Fenghe warns the U.S. at a security conference in Singapore that his country ‘will fight to the very end’ to defend its sovereignty over the island
· Hubei Province, Nanjing Cut Covid Quarantine Time
Centralized quarantine has been halved to seven days plus another seven in self-isolation for those from medium and high-risk areas
· Chinese Household Savings Grow as Covid Restrictions Curb Spending
Savings jumped 50.6% in the first five months over the increase in same period last year as a slowdown in growth of family assets also dampened consumption
· Weekend Long Read: China’s Trade Growth Recovers From Covid Shock
Clear improvements in both exports and imports reflect that China is gradually moving away from the severe omicron-led supply chain and logistics disruptions over the last two month
· Minsheng Securities Chairman Under Anti-Graft Probe
Arrest of Feng Henian, a former official of the China Securities Regulatory Commission, may be linked to probe of his former CSRC colleague Wang Zongcheng, sources say
· May Lending in China Accelerates Faster Than Expected
Easing of Covid restrictions and monetary policy helps, but credit demand from households and businesses remains weak
· Scandal-Plagued China Huarong Sells $1.8 Billion Stake in Regional Lender
Sale of 41% holding in Hunan province bank is part of indebted state-owned firm’s restructuring of sprawling interests
· Tech Insider: Probed Trucker Reports Bumper Growth, BYD in Tesla Talks, Exec Says
Ant Group gears up for cashless cabs in Singapore, smart car tech startup raises $120 million
· China’s Uber for Trucks Shrugs Off Cybersecurity Probe to Report Market-Beating Quarter
Manbang reports 53.7% jump in revenue to 1.3 billion yuan amid robust demand for its freight matching service despite a slow season
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